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Monday, 8 June 2015

Auto Trendline Indicator

Here is a handy MT4 indicator to auto-color your trend lines AND make them visible only in the timeframe drawn or lower.

Applies Bearish Color to trendlines drawn downward

Applies Bullish Color to trendlines drawn upward

Applies Bullish Color to lowest horizontal line

Applies Bearish Color to highest horizontal line

Makes trendlines and horizontal lines visible only in timeframe drawn and below

Higher timeframes have thicker lines

Object Description updated with Timeframe Short Name

You must enable "Show Object Descriptions" on the chart properties to see the timeframe text.

For example, if you draw trendlines in the M15 time frame, they will not appear in higher timeframes such as Daily.
This allows for "cleaner" charts as trendlines/horizontal lines from lower time frames do not clutter up the higher timeframes. You also save time not having to change colors and widths.